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HRL Labs Purchases Thousand Oaks Industrial Facility for $40M
Engineering research firm HRL Laboratories has purchased 3500 Willow Lane, a two-story, 104,000-square-foot industrial property in Thousand Oaks, CA. Lee & Associates Mike Tingus and Grant Fulkerson represented the seller, Willow Hurst, LLC in the $39.75 million deal. The buyer was represented by Mazirow Commercial, Inc.
“This sale is indicative of a continued competitive industrial market with low vacancy rates, limited supply and high demand, particularly in the life sciences arena,” said Tingus. “Industrial remains our strongest asset class in our commercial portfolio, and we expect see continued demand into 2023 and beyond.”
HRL Laboratories, formerly Hughes Research Laboratories, was founded in the 1940’s, and invented the world’s first laser in 1960. HRL’s new Thousand Oaks property, which it plans to occupy right away, is located in the Conejo Valley and provides proximity to a range of amenities, including shopping and entertainment, top-ranked schools and open spaces.
- ◦Sale/Acquisition
